SBP imposes condition to open bank account to purchase $2000

November 24, 2022 (MLN): The State Bank of Pakistan (SBP) has made bank account opening mandatory on every $2000 buying or above and for foreign travel, to curb the dollar outflow, State Minister for Finance Aisha Ghaus Pasha said on Wednesday during the meeting of Senate Committee.

Furthermore, the condition to buy a dollar has been slashed to $5000 from $10,000 and made mandatory to transfer payment through bank accounts to purchase dollars.

Finance Minister Ishaq Dar, who has expressed confidence that the country will meet its external account requirements during the current fiscal year, has come under fire for failing to bring the dollar rate below Rs200.

Earlier, Dar said the government will clear pending Letters of Credit (LCs) amounting to $100,000 and will resolve the issues of all pending LCs.

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